ALEXANDRIA, Va.—Paul Manafort’s legal team said Tuesday it wouldn’t call witnesses or present further evidence in the former Trump campaign chairman’s defense, setting the stage for closing arguments in the case Wednesday.

Prosecutors rested the government’s case against Mr. Manafort on Monday, after 10 days of testimony alleging Mr. Manafort didn’t pay taxes on at least $16 million in income from political consulting work in Ukraine and later misled U.S. banks when he obtained millions of dollars in loans in 2016, including...